PERTH (miningweekly.com) – Iron-ore miner Fortescue Metals has increased its senior note offering from $1-billion to $1.5-billion, after significant investor demand.
The company earlier this week announced the note offering, the proceeds of which will be used to repay existing debt, including refinancing the outstanding $976-million 2019 senior secured credit facility and $478-million 2022 senior unsecured notes, extending the nearest term debt maturity date to 2022.
“We are very pleased with the continued support from the US capital markets for Fortescue, with strong demand for notes resulting in the offer being sized up to $1.5-billion. The successful completion of this offering has extended our nearest term maturity to 2022 on improved terms and conditions, consistent with our disciplined capital management strategy,” said CFO Elizabeth Gaines.
CEO Nev Power added that the outcome recognised Fortescue’s significant achievements across its operations, consistent production, sustained productivity and efficiency gains, as well as the continued strength of the company’s balance sheet.
“Fortescue remains focused on its strategy of continued debt repayment and capital flexibility, investing in our core iron-ore business and delivering returns to shareholders,” he added.
Edited by: Creamer Media Reporter
EMAIL THIS ARTICLE SAVE THIS ARTICLE
ARTICLE ENQUIRY
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here